RELATED PARTIES

12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 16 - RELATED PARTIES

a) Related parties:

Name of related parties	Relationship with the Company
Mr. Jianmin Gao	Stockholder, Chief Executive Officer, Chief Financial Officer and Chairman of the Board of the Company
Ms. Lingling Zhang	Stockholder, director and Corporate Secretary
Mr. Fei Gao	Stockholder, director and Chief Operating Officer
Ms. Wei Guo	Stockholder and Managing Director of Beitun
Ms. Shasha Liu	Daughter of Lingling Zhang

b) The Company had the following related party balances at December 31, 2012 and 2011:

	December 31, 2012		December 31, 2011
Loan from Mr. Jianmin Gao	$	333,104	$	220,657
Loan from Ms. Shasha Liu	$	8,404	$	2,500
Loan from Mr. Fei Gao	$	674	$	773
Loan from Ms. Wei Guo	$	1,494,829	$	250,677
Total related party payables	$	1,837,011	$	474,607

The related party payables are non-interest bearing and have no specified maturity date. Mr. Jianmin Gao is the CEO of the Company. Ms. Wei Guo is the CEO of Beitun. The Company obtained these loans to fund operations when the Company or one of the subsidiaries was in need of cash. For the years ended December 31, 2012 and 2011, the Company borrowed $123,206 and $650,856 from Mr. Jianmin Gao and made payments of $10,759 and $352,823 back to him, respectively. For the years ended December 31, 2012 and 2011, the Company borrowed $3,134,842 and $2,871,100 from Ms. Wei Guo and made repayments of $1,890,690 and $2,825,097 back to her, respectively. For the year ended December 31, 2012, the Company borrowed $1,313 from Mr. Fei Gao and made payments of $1,412 back to him. For the year ended December 31, 2012, the Company borrowed approximately $10,404 from Ms. Shasha Liu and made repayments of $4,500.

c) Starting from July 1, 2011, the Company entered into an agreement with Ms. Lingling Zhang’s company Capitalco Cooperation (“Capitalco”). Pursuant to the agreement, the Company has agreed that the Company will pay a certain percentage commission to Capitalco for each client referred. Ms. Zhang signed an agreement to sell her company to an unrelated party. Ms. Lingling Zhang, a related party, owned Capitalco Cooperation and sold all her shares in Capitalco in August, 2011. Though the agreement between Capitalco and the Company remains effective after Ms. Lingling Zhang sold Capitalco. For the years ended December 31, 2012 and 2011, the Company paid Capitalco commissions in the aggregate amount of $162,404 and $9,100, respectively.